In 2024, Nigeria achieved a balance of payments (BOP) surplus of $6.83 billion, a significant turnaround from the deficits of $3.34 billion in 2023 and $3.32 billion in 2022. This improvement underscores the effects of important economic reforms and enhanced trade performance.
The surplus was primarily fueled by a goods trade surplus of $13.17 billion. Gas exports surged by 48.3% to reach $8.66 billion, while non-oil exports increased by 24.6% to $7.46 billion. On the import front, petroleum imports fell by 23.2% to $14.06 billion, and non-oil imports decreased by 12.6% to $25.74 billion.
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Remittances also significantly contributed to this outcome. Personal remittances rose by 8.9%, and inflows from International Money Transfer Operators (IMTOs) soared by 43.5% to $4.73 billion, indicating greater engagement from the Nigerian diaspora.
Furthermore, portfolio investments more than doubled, increasing by 106.5% to $13.35 billion, although foreign direct investment saw a decline of 42.3%. Additionally, Nigeria’s external reserves expanded by $6 billion, reaching a total of $40.19 billion by year-end.
Central Bank Governor Olayemi Cardoso attributed these favorable results to effective economic policy execution and a dedication to maintaining macroeconomic stability. This marks Nigeria’s first balance of payments surplus in three years, reflecting improved international trade dynamics and heightened investor confidence.
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